401k Litigation Update

In 2016 and 2017, 107 complaints were filed with the DOL about 401k plans. This is the most since 2008-2009 according to Retirement Study done at Boston College. Some things are obvious- when markets fall, complaints tend to rise. These complains tend to fall with plans that were not being paid enough attention to typically, and resulted in “hundreds of …

Choosing Funds in your 401(k) Plan

A recent First Circuit Court of Appeals decision puts a special light on the fiduciary standards for selecting, monitoring and changing the investments in your 401k plan.   It also supports our ongoing approach to this for our clients.  For the full article, click here. “Moreover, any fiduciary of a plan such as the Plan, in this case, can easily insulate …

DOL Reaches Settlement on 401k plans

From Plan Sponsor:   The U.S. Department of Labor (DOL) has entered into a settlement agreement with U.S. Fiduciary Services and three of its subsidiaries that provides for payment of more than $7 million to 42 retirement plans that suffered losses as a result of investments in fictitious loans made by Florida-based First Farmers Financial LLC (FFF). The agreement and …

NYU Participants File Second Excessive Fee Complaint

From Plan Sponsor Compliance Section 11/20/17.  For the full article, click here.   Participants in the New York University and related plans are making a second attempt to sue fiduciaries for excessive fees. After a federal district court judge found most claims in an earlier complaint were not plausibly alleged by the plaintiffs, they filed a second complaint in the U.S. District Court for …